reports
- Lynn Hautekeete
- Wim Lewi
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
LEAS LEASINVEST REAL ESTATE SCA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
ENRGY ENERGYVISION
- Lynn Hautekeete
- Wim Lewi
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
ENRGY ENERGYVISION
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Exchange offer complete and new board members appointed. D'Ieteren: Change in CEO at Moleskine, preview FY25. Euronext: Positive volume momentum continues. Retail Estates: €27m retail park development. Staffing: French January trend softer on tough comps, February outlook better
- Guy Sips
- Michiel Declercq
- Wim Lewi
- Francesca Ferragina
- Michiel Vereycken
WHA WERELDHAVE N.V.
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
ASC ASCENCIO SCA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
19XX NEPI ROCKCASTLE N.V.
- ING Helpdesk
Benelux Morning Notes
Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Wim Lewi
Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies
NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained ...
- ING Helpdesk
Benelux Morning Notes
ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...
- Francesca Ferragina
- Michiel Vereycken
Real Estate Update/A new normality
European real estate rebounded in 2025, signalling positive momentum after two difficult years. In 2026, we expect investors to adapt to a new, normalised environment with recalibrated profitability that should drive transaction activity. This comes alongside a normalisation of rents (on the back of lower inflation) – a slowdown that will be notable but largely expected. We see a company's ability (and willingness) to pursue EPS-accretive investments and being active in capital recycling opportu...
WHA WERELDHAVE N.V.
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
ASC ASCENCIO SCA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
19XX NEPI ROCKCASTLE N.V.
- Hilde Van Boxstael
- Wim Lewi
- ING Helpdesk
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Lewi
- Wim Lewi
Retail Estates 1H25/26 Results, no big acquisition, but managing the b...
RET reported its 1H25/26 results (September end) slightly below our estimates. EPRA EPS amounted to €3.06 vs. our expectation of €3.10. NRI grew 2.95% to €72.7m vs. 74.0m expected. Despite many bankruptcies, occupancy remained relatively stable at 97.4% vs. 97.6% over 1H24/25. Out of 19 outlets in restructuring, RET has relet 2 and is in exclusive talks on 10. The difference with our expectations results largely from lower net investments of €5.1m vs. €40.0m expected. The debt ratio increased 0....
- ING Helpdesk
Benelux Morning Notes
Arcadis: Feedback from conference call 3Q25. Belgian telcos: Telenet positive net adds in broadband, near ECM decision. CTP: 34k sqm lease signed in Poland. Eurocommercial Properties: Organic momentum is getting stronger. Fugro: Reasonable 3Q, challenging 4Q and beyond. Heijmans: Order book quality improves further. KPN: VodafoneZiggo guidance maintained, ECM decision near. Proximus: CPaaS peer Twilio reports strong 3Q25 results. Retail Estates: Jysk new tenant of 5 Leen Bakker B...
- Francesca Ferragina
- Michiel Vereycken
Retail Estates/Model update/BUY
We update our model with added cautiousness on the top line but leave our bottom line and NTA projections almost unchanged. Our FY26-28F earnings CAGR is at c.2%. Despite some problematic tenants (Leen Bakker, Casa and Carpetright, accounting for c.2.5% of rents), Retail Estates has a history of being capable of quick/efficient reletting and good tenant mix improvement on the back of this. We confirm our positive stance on the company, which currently trades at a 21.3% NTA discount to its FY26F ...
- Wim Lewi
Real Estate Report, Company Profiles
Over the past month, the EPRA BELUX index has underperformed (total return) the EPRA Developed Europe index by 3.2%, the STOXX50 by 5.4%, and the BEL20 by 3.6%. This underperformance relative to the EPRA Developed Europe Index can be attributed to the stronger performance of UK real estate compared to eurodenominated stocks, as UK equities led the recovery following a selloff in August. Additionally, the BELUX region had already posted strong year-to-date performance, which limited further upsid...
- Jacob Mekhael
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- ING Helpdesk
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